The Coca-Cola Company

3rd Quarter 2016 Earnings CallOctober 26, 2016

The following presentation may include certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule is posted on the Company's website at

www.coca-colacompany.com (in the “Investors” section) which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following

presentation.

This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,”

“estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and

uncertainties that could cause actual results to differ materially from The Coca-Cola Company’s historical experience and our present expectations or projections. These risks include, but are not limited to, obesity

concerns; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the marketplace; product safety and quality concerns; perceived negative health consequences of

certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; an inability to be successful in our

innovation activities; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations

in emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our bottling

partners' financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States or in one or more other major

markets; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and

regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the marketing or sale of our products; an inability to protect our information

systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic conditions in the United States; unfavorable economic and political conditions in international

markets; litigation or legal proceedings; failure to adequately protect, or disputes relating to, trademarks, formulae and other intellectual property rights; adverse weather conditions; climate change; damage to our

brand image and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the

laws and regulations applicable to our products or our business operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market

conditions; default by or failure of one or more of our counterparty financial institutions; an inability to timely implement our previously announced actions to reinvigorate growth, or to realize the economic benefits we

anticipate from these actions; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster Beverage Corporation; an inability to renew collective bargaining agreements

on satisfactory terms, or we or our bottling partners experience strikes, work stoppages or labor unrest; future impairment charges; multi-employer plan withdrawal liabilities in the future; an inability to successfully

integrate and manage our Company-owned or -controlled bottling operations; an inability to successfully manage our refranchising activities; an inability to successfully manage the possible negative consequences

of our productivity initiatives; an inability to attract or retain a highly skilled workforce; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and Exchange

Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2015, and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You

should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Coca-Cola Company undertakes no obligation to publicly update or revise any forward-looking

statements.

Forward-Looking Statements

Reconciliation to U.S. GAAP Financial Information

2

Agenda

Highlights

Operational Review

Financial Review

Q&A

*Organic revenue (non-GAAP)** Comparable currency neutral operating margin expansion (non-GAAP)*** Represents the combined performance from the Europe, Middle East & Africa; Latin America; North America; Asia Pacific; and Corporate operating segments offset by intersegment eliminations.****Comparable currency neutral income before taxes (structurally adjusted) (non-GAAP) 4

Delivered Third Quarter Results In Line with Expectations

Q3

Revenue*

Value Share

Margin**

3%

> 50 bps

YTD

Core Business***

Value Share

7%

Revenue*

Developed Markets

Emerging Markets

Profit****

4%

2% Volume

Taking Action

Strengthening and Evolving Our Global System

NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA

ASIA PACIFIC

5

• 6 Signed Definitive Agreements

• Closed on 4 Territories

• On Track to Complete by 2017

• Joint Value Creation with Arca Continental

• Vonpar Acquisition by Coca-Cola FEMSA in Brazil

• CCW and CCEJ Signed Definitive Agreement to Merge

• Over 85% of Japan’s Volume

Progress in Q3 2016

LATIN AMERICA

• CCEP Closed and Executing

• Exercised CCBA Call Option

We Are Transforming Our Company

Implemented revenue growth management strategies

Reshaping our brand portfolio across sparkling and still beverages

New marketing campaign for Trademark Coca-Cola

Re-architecting the bottling system for the future

Better Positioned to Deliver Our Long-Term Growth Targets

$3 billion productivity program remains on track

6

Operational Review

*Organic revenue (non-GAAP)**Comparable currency neutral income before taxes (structurally adjusted) (non-GAAP) 8

Delivered Third Quarter Results In Line with Expectations

Q3 YTD

Revenue*

Core Business*

Bottling Investments*

Unit Case Volume

Profit**

1% 1%

3% 2%

4%

0%

3%

2%

2% 7%

Performance in Key MarketsWe continue to push hard where we have momentum, take action where needed, and manage through difficult operating conditions

9

North America

Mexico

Japan

China

Western Europe

Russia

Latin America

• Organic Revenue +3%*• Top-Tier FMCG Growth• Over 40% of NARTD Retail

Sales Growth YTD

• Strong Marketing & Innovation• One Brand Strategy• New Product Launches

• Strong Marketing & Innovation• One Brand Strategy• New Product Launches

• Strong Olympic Activation• Good Weather• Entry-Level Small Packs

•Solid Marketing & Innovation• Increased Alignment with CCEP•Gaining Volume & Value Share

• Focused on Affordability• Evolving Price/Pack Architecture• Addressing Raw Material Shortages

• Signs of Slight Improvement• Aided by the Stabilization of Oil Prices

*Organic revenue (non-GAAP)

We Have a Growing and Evolving Brand Portfolio

10

With 20 Billion-Dollar Brands, including 14 Still Brands

20 Billion-Dollar Brands

In Sparkling, Juice & JD, RTD Coffee#1 In Energy*, Water, Sports/Water+, RTD Tea#2

Source: Internal estimates based on 2015 value share*Energy brands owned by Monster Beverage Corporation, in which we have a minority investment.

We Are Taking Action to Expand Our Stills Portfolio

11

Japan North America Europe Bolt-on M&A

Our system sold 5.8 billion incremental servings of our still brands year-to-date, capturing over 25% of the value growth in stills globally.

12

Taste the Feeling More Sugar-Free Options

Product Reformulation Small Pack Sizes

In Sparkling, We Are Doing Things DifferentlyOutpacing a category that is growing retail value by 3% year-to-date

Financial Performance

Q3 Financial Highlights

Gross Margin*

Top Line

Key Metrics

• 3% organic revenue (non-GAAP) growth driven equally by volume and price/mix

• Price/mix driven by both rate and mix, partially offset by 1 point of segment mix

Results

• Expanded ~45 bps

• Positive price/mix, a slightly favorable cost environment and productivity

• ~80 bps currency headwind

• Slight benefit from structural changes

Operating Margin*

*Comparable (non-GAAP)

• Declined ~35 bps

• Timing of expenses

• Structural benefit, offset by ~90 bps currency headwind

14

15

We Generate Strong Cash Flow and Returns to Shareowners

Cash From Operations

$6.7BYTD

Dividends Paid* Net Share Repurchases**

Value Returned to Shareowners YTD

$4.5B $1.2B $5.7B

*Includes third quarter dividend paid on October 3rd

**Non-GAAP

Full Year 2016 Outlook

• 3% organic revenue*growth – NO CHANGE

• 6 to 7% headwind from acquisitions, divestitures & structural items – NO CHANGE

• 2 to 3% currency headwind – NO CHANGE

• 6 to 8% income before tax** growth – NO CHANGE

• 4% structural headwind – NO CHANGE

• 8 to 9% currency headwind – NO CHANGE

• 4 to 7% decline – NO CHANGE

• $2.0B to $2.5B – NO CHANGE

• Slightly less than $2.5B – UPDATED FROM $2.5B - $3.0B

Top Line

Comparable EPS*

Profit

Net Share Repurchases*

*Non-GAAP**Comparable currency neutral (ex-structural) (non-GAAP)16

Capital Expenditures

Fourth Quarter Considerations

• 2 additional days benefit top line• 11% headwind from acquisitions, divestitures & structural items• 1 to 2% currency headwind

• 6 to 7% structural headwind• 8 to 9% currency headwind

Top Line

Profit

17

Q&A